The Million Dollar Home Seller is active in Kelowna. I’ve been pretty negative towards the high end home seller of late pleading for them to be more realistic with their pricing but I thought I would look a little closer at this segment of the marketplace and try to be a little more upbeat. Here goes.
Many high end home sellers have become realistic of late resulting in 52 home sales over $1 million this year and we’re only part way through May. A lot of us remember when it would be big news when someone sold a million dollar home because it was so rare. This year there have been 14 homes sold over $2 million and 9 over $3 million.
This time last year there were only 28 homes that sold over $1 million and 26 this time in 2012. 2010 had an OK start to the year when there were 31 and then 26 in 2011. We’ve hit it out of the park this year compared to those years. 2009 was brutal with only 15 sales at this point. We have to go all the way back to 2007 when there were as many million dollar plus homes sold through mid-May when there 53. 2007 seemed crazy at the time but there weren’t anywhere near as many $2 million plus homes selling as there are now and we’ve had a slower start to the year this year.
There are still some disappointed sellers among the 52 this year because many of them were hoping for much more and a lot of folks in this cohort had to settle for less than what they paid or what their neighbor sold their home for. Nevertheless, even though most of us don’t have these problems it does have a positive impact on our housing market, the overall economy, Kelowna’s municipal tax base and an overall sense of optimism seeing more high end properties changing hands.
Thanks for reading. Next week I’ll be back writing about houses or condominiums the rest of us live in and the opportunities we have before us.
Royal LePage Kelowna